Top tax paying firms revealed

Update:
October, 14/2016 - 10:12

|

The minerals and petroleum sectors have come out on top amongst corporate taxpayers on a list of 1,000 leading corporations, accounting for 30 per cent of total tax payments this year. — Photo pvgas.com.vn

HÀ NỘI – The minerals and petroleum sectors have come out on top amongst corporate taxpayers on a list of 1,000 leading corporations, accounting for 30 per cent of total tax payments this year.

According to the so-called V1000 profile, released yesterday by the Việt Nam Report Company (VNR) in co-operation with the General Department of Taxation, total corporate tax of the enterprises reached VNĐ90 trillion (US$4 billion), posting an increase of 12 per cent from last year and accounting for 10 per cent of the total State budget.

Of these, the top 100 corporate taxpayers accounted for more than 75 per cent of the total 1,000 businesses.

The telecommunications and information sector took second place contributing 15 per cent to the total. The financial sector followed with 11 per cent.

The construction and building material sector contributed only 8 per cent despite the highest number of businesses in the list.

The State-owned enterprises have still been the main source for the State budget, as they contributed 60 per cent of tax payments of the list, increasing 45 per cent from last year.

The private sector contributed 27 per cent to the ranking. Notably, the list for the first time included Vinamilk – a private firm in the Top 5 tax payers.

VNR this year also conducted a survey among the V1000 businesses on administrative reform of the tax sector in the past five years.

The results showed that firms have positive views on changes in tax reforms since the beginning of 2015. Up to 88 per cent of the surveyed companies a have positive view on the reforms, while only 1 per cent had negative responses.

However, businesses still expected simplification of administrative procedures in the tax sector. This has been the Government’s orientation for creating a favourable business environment.

The survey also revealed that companies have paid more attention to the application of information and technology in the e-tax declaration system. Last year, businesses faced difficulties relating to tax, such as regulations, complicated administrative procedures, online tax payments and investigations.

The corporate tax payment rankings were released for the seventh consecutive year to encourage and honour businesses that contribute to the country’s development by paying the correct taxes. — VNS